Ask Experts Questions for FREE Help !
Ask
    ltullos's Avatar
    ltullos Posts: 4, Reputation: 1
    New Member
     
    #1

    Apr 13, 2007, 09:06 PM
    1041 filing
    My mother died in October 2004 and I am the executor of her estate which was
    Less than $200,000.

    I filed her final tax return in 2004 and equally distributed all of her assets
    (except for her house) to her two heirs (my brother and myself).

    In 2005, there was no income into the estate and only the expenses were for maintaining
    The house and property taxes, so I did not file a tax return for the estate.

    In 2006, I sold the house for $80,000 (from the estate) but the fix-up and selling
    Expenses resulted in a net loss from the basis established upon her death. There was
    No other income into the estate. At closing, I signed a form which reported the
    Property sale to the IRS with my TIN as executor.

    My questions are:

    1. Am I required to file a 1041?
    2. I did not apply for a TIN for the estate. Am I required to obtain one before filing?
    3. Am I required to file Schedule K-1 to report the distributions to myself and brother?
    4. Will this be taxable income to us?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #2

    Apr 20, 2007, 09:59 AM
    1) Because you sold the house, you DO need to file the Form 1041 to account for the sale.

    2) Yes.

    3) Yes.

    4) Based on what you said, there wll be NO taxable income.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Filing taxes after 2 years of not filing [ 3 Answers ]

I have not filed taxes for 2 years (2004, 2005) and I do not have the requisite documentation from those years. I do know that the IRS owed me a refund; I did not owe them any taxes. How does one file without this documentation? And do I need to file these years before I file for 2006?

Non-resident H4 - filing jointly or married filing separately, and ITIN [ 1 Answers ]

Hi, I got married in the middle of last year and moved later in 2006 to the USA (h4 visa, spouse H1 visa). I do not meet the substantial presence test for 2006 (taking into account the previous two years and computing) or the green card test. As I understand, we can only file jointly if I...

Complicated state tax filing between NY and NJ and missed filing from last year [ 1 Answers ]

Hi everyone, I am really confused and would appreciate some feedback into how I should proceed with my taxes. My background: I am a non-resident alien, Canadian citizen who is a masters student studying and residing in NJ. During 2006, I worked on campus for a few months and receieved a W2 for...

Non-resident H4, ITIN number, e-filing, jointly filing taxes with spouse [ 3 Answers ]

Hi, I've got a couple of questions. My spouse is a resident (H1) and I'm on an H4 visa. I'm a non-resident based on the substantial presence test. When we file our taxes 1) Do I need to get a ITIN number before we file our joint taxes? How long would it take to get one? 2) Once I have the...

E-Filing [ 1 Answers ]

Hi Can F1 Students use the free e-filing on TurboTax or any other e-filing system Thanks Joe


View more questions Search